Does OPEC Still Have the U.S. Over a Barrel?

In October 1973, the Arab members of OPEC pointed at the United States — and fired.

The Arab nations in the Organization of the Petroleum Exporting
Countries imposed an embargo on direct oil shipments to the United
States in retaliation for U.S. support for Israel, which was battling
invasions by Egypt and Syria. They also announced production cuts of 5
to 10 percent....

The 1973 oil shock — which led to a quadrupling of international oil
prices — exposed U.S. and European weaknesses. The embargo, magnified by
ham-handed U.S. price controls and rationing, triggered gasoline lines
and forced President Richard Nixon to call for a 50 mph highway speed
limit, a six-degree cut in winter thermostat settings, shorter hours for
gas stations and fewer Christmas lights. And yes, he became the first
of eight consecutive presidents to call for energy independence.

Four decades later, does OPEC still have the United States and Europe over a barrel?...